SCB targets $1bn spinoff among its fintech unitsSiam Commercial Bank Plc plans to spin off some of its fintech divisions. The lender will require additional “major investments” in areas such as artificial intelligence, to improve its data and transaction processing, according to Mr Orapong. The amount of those investments is still under consideration and will need to be approved by the bank’s board, he said. “SCB has a very positive development as the country’s leading player for digital technology, despite its late start,” said Sukrit Friestad, an analyst at CGS-CIMB Securities (Thailand). “Still, it will need further large technology investments to stay competitive.

Source: Bangkok Post November 22, 2019 07:07 UTC